Bitcoin is trading in lower highs and lower pattern on daily charts. It has taken a support from lower levels recently which is why its trend is looking sideways to negative on daily charts. Currently is is trading at $2633 down 2.4% up til now. Bitcoin need to break certain levels on charts to change its trend from sideways to up.
So, let me take your attention on chart below to make you aware of those levels or conditions.....
On chart above their are following conditions need to met for change in trend:-
- Bearish Pattern: In its voltaility, bitcoin has been testing supports and bouncing back. In this process it is making Lower Highs Lower Lows pattern which is bearish but recently it has created one higher lows by taking support from 50 Days EMA(Red Wavy Line). Now, bitcoin need to create higher highs to negate down and sideways trend. When this script met this condition in future is still unknown but when ever it start creating higher highs and higher lows on daily chart, trend will get change from down to up.
- Falling Trendline: This trendline on chart above is indicating downtrend in this script. Though the magnitude of this downtrend is not huge but mild, still one never know when this magnitude gets stronger on downside, so bitcoin need to break above this trendline to confirm uptrend.
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Now The Conclusion
In conclusion, their are conditions which bitcoin need to clear to change its short term trend, but due to volatility in this script traders can buy at lows or sell at highs, until this script change its trend.
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